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Legislative Year: 2022 Change
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Bill Detail: HB22-1277

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Title Authorize Credit Unions To Hold Public Money
Status House Committee on Business Affairs & Labor Postpone Indefinitely (03/24/2022)
Bill Subjects
  • Financial Services & Commerce
  • Local Government
  • State Government
House Sponsors P. Neville (R)
K. Mullica (D)
Senate Sponsors J. Gonzales (D)
House Committee Business Affairs and Labor
Senate Committee
Date Introduced 03/01/2022
Summary

Under current law, public money may be deposited in or invested
with banks and savings and loan associations that are protected by the

federal deposit insurance corporation. The bill permits the deposit or
investment of public money with a credit union that is federally insured
by the national credit union administration.
Section 1 of the bill authorizes credit unions to make loans to
public entities, and section 2 authorizes the state commissioner of
financial services to assess each credit union for the cost of monitoring
compliance with laws that protect public deposits.
Section 4 renames the Savings and Loan Association Public
Deposit Protection Act the Credit Union and Savings and Loan
Association Public Deposit Protection Act (deposit protection act), and
sections 5 through 13 add references to credit unions throughout the
deposit protection act.
Section 15 amends the law allowing public entities to use
depositories that are federally insured to include credit unions.
Sections 3, 14, and 16 through 24 make conforming amendments
to statute to authorize public entities or officials to deposit money with
federally insured credit unions and to reflect the renaming of the deposit
protection act.

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Fiscal Notes Fiscal Notes (05/13/2022) (most recent)  
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